Reel questions

A friend recently gave me a Shakespeare Tidewater baitcasting reel. It’s an older I think saltwater reel, but seems to be in good shape. The back of it says “gear ratio 4.2 to 1 line cap. 14# 300yds” and it has a clicker that still works. I have an old, seldom used, fairly stout saltwater rod rated for 40# line.
Questions are, could this be a feasible combo to fish an umbrella rig? If so what # test and type of line is best for pulling an umbrella rig and where do I find a good one? If not then this will most likely become a catfish, downrod or cutbait reel on a different rod. It is way to heavy and bulky for me to do anything else with it. I’m trying to find a way to use the free reel. Worst comes to worst I’ll trade it and the rod for something else on the swap forum or sell them. Any advice or suggestions will be appreciated.

Use 50 PD braided line that reel and rod will be fine you can pick up a umbrella rig at sportsman warehouse

Thanks.